Product category:
Intellectual Property Cores
News Release from: LSI Europe
Edited by the Electronicstalk Editorial
Team on 02 August 2006
Balance sheet strengthened at LSI
LSI Logic Corp has reported second quarter 2006 revenues of $490 million, a 3% increase sequentially compared with the $476 million reported in the first quarter of 2006
LSI Logic Corp has reported second quarter 2006 revenues of $490 million, a 3% increase sequentially compared with the $476 million reported in the first quarter of 2006, and up 2% year-over-year compared with the $481 million reported in the second quarter of 2005 Second quarter 2006 GAAP net income was $54 million or 13 cents per diluted share, compared with first quarter 2006 GAAP net income of $13 million or 3 cents per diluted share
This article was originally published on Electronicstalk on 23 May 2001 at 8.00am (UK)
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Second quarter 2006 GAAP results compare to second quarter 2005 GAAP net income of $25 million or 6 cents per diluted share.
Second quarter GAAP net income included $13 million of stock-based compensation expense and a net gain of $10 million from special items, acquisition-related amortisation, restructuring and their related tax effect.
Second quarter 2006 non-GAAP net income was $57 million or 14 cents per diluted share, an increase of 43% compared with first quarter 2006 non-GAAP net income of $40 million or 10 cents per diluted share.
Second quarter non-GAAP 2005 net income was $45 million or 11 cents per diluted share.
Cash and short-term investments grew 16% sequentially to $1.2 billion, from $1.03 billion in the first quarter of 2006 and up 54% from the year-ago period.
"All segments of our business grew sequentially during the quarter".
"Demand for our Engenio 4Gbit/s Fibre Channel systems strengthened, driving our storage systems revenues to near record levels and 17% higher than the year-ago quarter", said Abhi Talwalkar, LSI Logic President and Chief Executive Officer.
"Our communications revenues grew significantly year-over-year, as demand for existing long-lifecycle products increased and several in-process designs ramped to production".
"We anticipate accelerating demand for our storage products in the second half of 2006 as broad market transitions to 4Gbit/s Fibre Channel interfaces and SAS-enabled servers are now well underway".
"In the second quarter, GAAP net income grew significantly, driven in part by successful completion of the sale of our Gresham, Oregon manufacturing facility and our ZSP digital signal processor unit", said Bryon Look, LSI Logic Chief Financial Officer.
"Our balance sheet also strengthened, with a $169 million increase in cash and short-term investments during the period".
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